Afreximbank poised to help Senegal raise $500m

The African Export-Import Bank (Afreximbank) is in advanced discussion with Senegal’s oil refiner to raise $500 million in syndicated finance, a senior official of the bank told Reuters.

The funds will be used to upgrade the company’s old refinery. Société Africaine de Raffinage (SAR), is the oldest refinery of West Africa.

The company has recently undergone an upgrade to increase its production from 1.2 million tons per year to 1.5 million tons.